Preparation for Risk Management Professional

Principles and Concepts of Risk Management 

• Definition of risk & risk management
• Stakeholder risk attitudes
• Responsibilities for risk within projects

Stakeholders and Risk Communication 

• Risk management and Stakeholder Management
• Developing the communication plan
• Preparing for risk communication

Planning Risk Management 

• Developing a project risk strategy
• Components of the risk management plan
• Risk Breakdown Structures (RBS)
• Techniques for Risk Planning
• The Risk Management Plan

Identify Risks 

• Risk identification techniques
• Determining which risk tool to use
• The risk register
• The risk report

Qualitative Risk Analysis 

• Defining impact
• Risk probability and impact scoring
• Developing risk log

Schedule and Cost Management Overview

• Schedule preparation and management
• Cost Estimating and Budgeting
• Factoring risk in duration and cost using PERT estimates
• Earned Value Management and reducing risks

Perform Quantitative Risk Analysis 

• Data Gathering & Representation Techniques
• Modeling & Simulation, Probability distribution
• Monte Carlo Simulations
• Tornado diagrams, sensitivity analysis, criticality analysis
• Decision trees
• Risk Expected Monetary Value (EMV) calculation

Plan and Implement Risk Responses 

• Strategies for positive and negative risks
• Risk and  contract type selection
• The risk response action plan
• Contingency planning, calculating the contingency fund
• Implement Risk Response
• Secondary and residual risks

Monitor and Close Risk 

• Risk re-assessment
• Managing contingency reserves
• Risk audits, trend analysis
• Daily Review and Q/A Session

Enterprise Risk Management

• Portfolio and program levels risk management
• Enterprise Risk Management (ERM)
• Governance, Risk and Compliance (GRC)